New Mexico Administrative Code
Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING
Chapter 34 - BARBERS AND COSMETOLOGISTS
Part 7 - ESTABLISHMENTS AND ENTERPRISES
Section 16.34.7.10 - CHANGES OF OWNERSHIP

Universal Citation: 16 NM Admin Code 16.34.7.10

Current through Register Vol. 35, No. 18, September 24, 2024

A. An establishment or enterprise license is nontransferable.

B. A change of ownership or control is any action by which a person or corporation obtains authority to control the actions of an enterprise or establishment. These actions may include, but are not limited to:

(1) the transfer of the controlling interest of stock of an enterprise or establishment to its parent corporation;

(2) the merger of two or more enterprises or establishments;

(3) the division of enterprise or establishment into two or more enterprises or establishments;

(4) the transfer of the assets or liabilities of an enterprise or establishment to its parent corporation;

(5) the acquisition by an individual of the controlling interest of an enterprise or establishment, whether a proprietorship, partnership or corporation;

(6) the sale of an enterprise or establishment;

(7) the lease of or right to do business as an enterprise or establishment.

C. If ownership or legal control of a licensed enterprise or establishment changes, the new owner, lessee or other legally responsible party must submit a new application as defined in Subsection A. of 16.34.7.8 NMAC and secure a new license from the board.

D. If legal control of an enterprise or establishment does not change, but the organization of the ownership does change (e.g. a sole proprietor becomes the sole stock holder of a corporation which owns the enterprise or establishment), the board must receive notarized proof of such change within thirty days of such change.

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